Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-10-10
WOOL RING.

Some Rotton Fishy Assertions In Regard
to a Gigantic Ring.
ST. LOUIS, October S.-The Globe Dem
Oerat to-day publishes an article on wool,
in which it says: The depressed condi-
ton of the wool market, which was first
noticed in the beginning OF July, and
which has been getting worse as the sea-
son advances instead of better, has so
mystifed the wool factors that a secret
investigation has recently been on foot
which promises to express q gigantic ring
among Eastern manufacturers and New
York and Boston custom house officials.
The secret investigators have discovered
that choice unwashed Australian woods,
which cost 81 cents in the European mar
ket, are taking the place OF American woods
of the same grade which are sold IN the
home market for - cents. But the taIln
Oh the foreign article il 10 cents per pound,
which ought to make it cost the American
buyer 81 cents, not counting the expenses
of shipping. One of the discoveries made
WAS that the custom house officials IN New
York had been undertaking wool entered
at that port, thus reducing the tariff TO
such an extent as to enable the higher
grades to sell below even the medium and
low grades of the American article.
One instance in particular showed n saw
I'M OF ~ cents on each pound. Secured
wool, Oh which the tariff is 80, WAS Ell
tered rs waste WOO at 10 cents per pound,
and il came in by the ship load, the Gus
tom house officers passing it III this man
ner with a readiness that gave rise tn very
loud suspicious Of crOokedneSs. In this
particular case, however, Secretary Fair
child interpoSed his authority, and secured
wool is now paying full duty OF 80 cents
Other similar transactions OF even great
er magnitude are alleged by the wool men,
who declare that a ring exists among GER
tain manufacturers aud importers IN the
East and the exporters beyond the Atlau-
tic. This ring, it is charged, includes
custom house employees, and perhaps OIL.
cials in both New York and Boston. The
organization effected among the commits
sion houses claims to be on q hot trail and
the result of their investigation Is awaited
with interest.
Said "a leading Commissioner: Il be-
lieve one Of the biggest rings ever organ
lied in this country has been manipula-
ting the wool market through cOnniyance
with Custom House authorities ut New
York and Boston. They have by under
valuation passed millions of pounds OF
wool through the ports and have loaded
the market with il. They have been able
to supply the demand with foreign woods
at prices that detied American cOmpeti-
tion, and while we have been at their mer-
cy, we know nothing of their existence,
The effect OF the depression cannot be
estimated. The Eastern manufacturers
who are in the ring will be able To defy
the competition OF the Western mInufIc-
turer a. we'll as those IN the East who were
outside. This not only hurts the Western
manufacturer and the less favored manu-
facturer in the East, but it Injuries the
American wool grower wherever he is to he
found. 1t has certainly worked great in
Jury 10 the wool factors IN st. Louis as we'll
a. in the East, and nobody knows where or
when 1t will stop
There is no doubt that An amazing
amount of crOOkcduesS HIS been in progress
and that somebody has benefited i'm
mensely by it. Our organization is bound
to stop it. and when that is done think
the condition Of affairs will suddenly
change"